BOSTON (CBS) – Gen-Xers are the Boomers’ babies! They are not kids anymore. They were born between 1965 and 1980.

Who is Generation X?

There are 46 million Gen-Xers. Most are better educated than their parents according to the Census Bureau. They have the highest education levels of any age group.

The core values and personality traits of this generation include self-reliance, work family balance, informality, individualism and they are quite skeptical. Because this generation grew up spending less time with their parents and saw them as workaholics, they became the independent, balance-desiring people they are today.

They often earn more money than their parents and know more about money than their parents. But that doesn’t mean they are much better at managing their money than previous generations.

This generation was raised privileged. They grew up with a room of their own, a TV, computer and a phone in that room. When they got out on their own, they wanted the lifestyle they had left at home. That lifestyle came with a high price tag.

Many are homeowners because of that wonderful period of easy credit and low interest rates. But that easy credit is a big problem. Many have a debt level of 50% and higher. The loss of a job or a major illness could derail them very quickly.

Their retirement savings in many instances is nonexistent. This age group has not done enough to plan for their retirement. They are banking on inheriting a bunch of money from their parents, the Boomers. They are in for a surprise!

They need to stash some cash in a rainy day fund and they need to get serious about debt reduction. 40% are spending more than they earn and 60% have no emergency fund.

Gen-Xers need to figure out where and how their money is spent? What can you cut back on? How many meals do you eat out? If you are going out 3 nights a week cut it back to one. Pack your lunches. Carpool to work. Mow your own lawn.

One more thing: Gen-Xers got their name from a book by Doug Coupland entitled, Generation X, where life is stuck in 1974.